Daines, Colleagues Sound Alarm on China’s Dominance in Global Payments Market
October 27, 2023
U.S. SENATE – Senator Steve Daines and Republicans on the Senate Banking Committee urged the Biden administration to confront the Chinese Communist Party’s (CCP) expanding footprint in the U.S. financial system and global payments market. The senators sent a letter to Treasury Secretary Janet Yellen and U.S. Trade Representative Ambassador Katherine Tai, in which the senators warn that rapidly expanding Chinese payment networks may undermine U.S. foreign policy, threaten Americans’ sensitive financial and consumer data privacy, and violate international trade practices. In addition to calling for the Administration to examine the infiltration of Chinese payment networks into the U.S., the senators urge the Biden administration